The struggle that businesses go through in order to secure finance can often be one which is detrimentally disruptive to the day-to-day running of a company.
When new opportunities present themselves, business builders need to be able to quickly access extra capital to fulfil new orders, purchase new equipment or hire the right people.
Invoice finance is an increasingly utilised funding mechanism – one which can very quickly, and securely, open up a line of credit for growth.
While once considered to be the lending option of last resort, the reluctance of banks to fund small or risky ventures has meant that businesses have begun to spend more time investigating how invoice finance can provide assistance.
However, a recent poll conducted by sister site SmallBusiness.co.uk revealed that a hefty 63 per cent of small businesses still do not know what invoice finance discounting is, while 21 per cent use it and 15 per cent do not.
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Flybe, the Exeter-based airline, has announced plans to cut 500 jobs across the business, despite reporting a return to profit.
Pre-tax profits were £13.8m for the six months to 30 September, compared with a loss of £1.6m a year earlier.
The company said its turnaround plan was on track to make £40m of savings this year and £45m in 2014-15.
But the pilot’s union, Balpa, said it was “shocked” by the decision to cut jobs. Flybe employs 2,700 staff.
Lombard, the UK’s largest asset finance provider has appointed a new senior relationship manager for the Oxfordshire region.
Nigel Tyson will work in the company’s business and commercial operation covering small- and medium-sized businesses.
He joins the team having developed his expertise over 25 years in the asset finance industry and as a long-term resident of Oxfordshire.
Commenting on the market for asset finance in Oxfordshire, Tyson said: “In a survey that Lombard conducted in April 2013, we learnt that since the economic downturn 57% of businesses in and around Oxford have turned away new business because they were hesitant about investing in new equipment.
“This is something that we want to help change so that local businesses can capitalise on opportunities.”
Tyson will report to Steve Weeks, director of asset finance for Oxfordshire and Wiltshire.